Japan
Digital Asset
JPYC CEO: "Stablecoin Price Divergence Caused by Insufficient Reserves"
- JPYC was listed on Upbit on September 17, causing its price to briefly exceed 2 yen despite being designed as a 1 yen-pegged stablecoin.
- Arbitrage trading — issuing JPYC at the 1 yen peg and selling it at the inflated market price — drove circulating supply up 2.2x day-over-day to roughly 4.26 billion JPYC by 9 a.m. on September 18.
- CEO Noritaka Okabe said the price divergence stemmed from insufficient reserves and noted overseas exchanges are not subject to Japan's 1 million yen transaction limit.